President Lee's approval rating drops; Democratic convention hopefuls blame real estate, core voter departure

As President Lee Jae Myung's approval ratings continue to dip, three prominent candidates vying for leadership in the Democratic Party's upcoming August 17 convention have presented contrasting explanations for the decline. The candidates, Song Young-gil, Jung Cheong-rae, and Kim Min-seok, offered distinct perspectives on the root causes, ranging from economic policy to shifts in voter sentiment.

Song Young-gil, a former party leader, directly challenged Jung Cheong-rae's assertion that the decline stemmed from core supporters becoming disillusioned. "It's a quack doctor's prescription," Song stated on KBS radio, arguing instead that the issue lies with the government's "mismanagement of real estate" and its recent tax reform proposals. He believes the middle class has become alienated, leading to the drop in support.

Jung Cheong-rae, however, reiterated his stance that the problem lies with "the cooling of the hearts of traditional supporters." He expressed confidence that his candidacy could reignite enthusiasm among core voters, projecting a potential 5-10% increase in the president's approval rating if he wins the party leadership. "If I am elected, the approval rating will rise by about 5%, and by 10%," he claimed.

Kim Min-seok offered a more nuanced view, suggesting that the decline is due to a combination of factors. Speaking on the YouTube channel "Kim Osung's Humility is Hard," he pointed to the "loosening of the middle class" after the local elections and internal party conflicts surrounding the convention. He also cited policy issues, including real estate and leveraged ETFs, as contributing factors. Kim anticipates that once the convention concludes and the party stabilizes, both presidential and party approval ratings will see a positive feedback loop.